The AUD/USD pair seems to have temporarily peaked at 0.6592, leading to a neutral intraday bias as the market consolidates. The downside should find support above the 0.6455 level, setting the stage for a potential rally. A move above 0.6592 would indicate a resumption of the rebound from 0.6273, aiming next for the falling channel resistance, currently at 0.6680.
In the broader context, there is yet to be a definitive indication that the downtrend from the 2021 high of 0.8010 has concluded. While the current rebound from 0.6273 may extend further, it could merely represent the third leg of a corrective pattern from the 2022 low of 0.6173. As of now, the medium-term outlook remains bearish as long as the 0.6898 resistance level holds.
Analysis Summary
AUD/USD is experiencing a neutral phase, with support above 0.6455 likely to fuel another rally. A break above 0.6592 could resume the rebound towards the falling channel resistance at 0.6680. However, the medium-term bearish trend persists unless it surpasses the key resistance at 0.6898.
Key Points
- Temporary top in AUD/USD at 0.6592; the current phase is neutral.
- Potential rally if support above 0.6455 holds.
- Medium-term bearishness remains without a break above 0.6898.
